We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage, Part Exchange and New Build
LianFB
Posts: 2 Newbie
Hi, so really confused, we are looking at a new build for £275,000, Our house is currently worth £220,000 with a mortgage of £145,000, we want to use £55,000 of our Equity on our deposit and get a Mortgage for £220,000, which our mortgage broker says we will get easily. What I'm confused about is if I part ex do they just take the £75000 Equity? I wanted to keep £20,000 back and im guessing they dont transfer you it if Its part exchange, I cant find answer anywhere?
I hope it makes sense and someone can help?
I hope it makes sense and someone can help?
1
Comments
-
Has the developer valued your property at £220,000 on the open market or is that the price they are allowing against your new build?
You will get back £20,000 via your solicitor if all the numbers stack up.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards